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HOUSTON-A quick closing and an ability to bring a bank loan to the table won Diep Residential ownership rights to Williamstown Apartments. The Houston-based buyer obtained the 272-unit asset from local owner Creekstone Holdings I LLC for less than the $9.1 million ask.

Ed Cummins with Hendricks & Partners’ Houston office tells GlobeSt.com that the class C complex at 9200 Bissonnet St. was brought to market because the seller had a loan coming due. Williamstown was marketed for less than a month, and attracted several offers. But Diep’s funding in the form of a seven-year-loan from Metro Bank helped seal the deal, he says.

“The buyer will make minor upgrades to this,” Cummins comments. “The property was 95% occupied and performing well.”

The complex, built in 1977, is situated on close to eight acres in the southwest submarket. The 17 buildings boast one- and two-bedroom units, ranging from 612 square feet to 1,000 square feet.

In addition to a decent cash flow from the outset, Cummins says Williamstown’s location had a lot to offer as well. Several major employers are in this submarket. Furthermore, “it’s right off (US) Hwy 59, which is a high-traffic area,” he explains.

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